Ondo State police raid counterfeit US‑dollar operation in Odigbo, arrest one suspect and seize three bags of fake notes

Police in Ondo State moved swiftly after a local trader reported receiving counterfeit US dollars during a currency‑exchange transaction. The complaint, lodged on Oct 28 by Yusuf Nasiru, alleged that two men – identified as Peter Desmond and Olami Toro, both from Ode‑Irele – had approached his shop on Oct 25, exchanged $6,000 (about N8.6 million) for naira, and later returned the dollars claiming they lacked funds. Upon closer inspection, Nasiru discovered the returned notes were fake, prompting him to alert authorities.

The Ondo State Police Command, through its Public Relations Officer Deputy Superintendent of Police Abayomi Jimoh, confirmed that operatives from the Okitipupa Divisional Headquarters began a discreet investigation after receiving the report. Using intelligence gathering and technical tracking, officers traced one of the suspects, Peter Desmond, to a location in Kiniso Village, via Ajue, within Odigbo Local Government Area. On Oct 29, a raid was conducted at the suspected hideout. Police arrested one individual, while other occupants fled through the perimeter fence. A search of the premises yielded three bags of suspected counterfeit US dollar notes and a small wooden box, all taken as evidence.

Background

Counterfeiting of foreign currency, particularly US dollars, has been a persistent challenge in Nigeria, often linked to fraudulent exchange schemes. Security agencies have reported multiple seizures of fake foreign notes in recent months. Earlier this year, the Nigeria Security and Civil Defence Corps arrested suspects connected to counterfeit dollars valued at hundreds of thousands of dollars. The current operation follows a pattern of coordinated police actions aimed at dismantling illicit printing operations that threaten the integrity of the foreign exchange market.

Why it matters

The seizure of counterfeit US dollars is significant for several reasons. First, it protects consumers and traders from financial loss, as fake notes can circulate widely and undermine confidence in cash transactions. Second, the arrest and ongoing investigation may disrupt a broader network involved in producing and distributing counterfeit currency, which law‑enforcement agencies have identified as a recurring security threat. The information provided by the arrested suspect is reportedly aiding further inquiries, suggesting that additional individuals or locations may be uncovered.

What happens next

According to the police statement, the recovered items have been logged as exhibits, and the investigation continues. Authorities have not disclosed a timeline for additional arrests or prosecutions, but they indicated that the suspect’s cooperation is assisting the ongoing inquiry. No further public statements have been made regarding potential charges or court proceedings at this stage.